TF GROUP: what changed
Two financial years side by side, explained: what moved most in the balance sheet and the result, why the result rose or fell, and where the money went.
TF GROUP
Largest movements
- Tangible fixed assets -€29,270
down €29,270 (-8.4%), from €350,138 to €320,868
- Cash -€26,868
down €26,868 (-17.1%), from €156,812 to €129,944
mainly Net result for the year (-€60,585) and Tax, wage and social debts (-€11,357)
- Receivables within one year -€20,704
down €20,704 (-85.2%), from €24,290 to €3,587
of which Trade receivables: -€21,791
- Reserves -€60,585
down €60,585 (-17.3%), from €349,250 to €288,665
of which Distributable reserves: -€60,585
- Tax, wage and social debts -€11,357
down €11,357 (-84.3%), from €13,473 to €2,115
- Gross operating margin -€219,573
down €219,573, from €199,182 to -€20,391
- Staff costs -€55,776
no longer reported in 2025 (was €55,776)
- Taxes -€40,850
down €40,850, from €39,636 to -€1,213
- Depreciation +€9,536
up €9,536 (+44.5%), from €21,423 to €30,960
- Other operating charges +€5,990
up €5,990 (+470.2%), from €1,274 to €7,264
From the 2024 result to the 2025 result
Each bar is the change in one income-statement line, as its effect on the result: higher costs pull it down, higher income lifts it.
Cash bridge derived
Derived from the 2024 and 2025 balance sheets and the 2025 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €531,377 | €454,399 | -€76,978 | -14.5% |
| Fixed assets | 21/28 | €350,138 | €320,868 | -€29,270 | -8.4% |
| Tangible fixed assets | 22/27 | €350,138 | €320,868 | -€29,270 | -8.4% |
| Land and buildings | 22 | €278,668 | €267,248 | -€11,420 | -4.1% |
| Plant, machinery and equipment | 23 | €15,801 | €9,540 | -€6,262 | -39.6% |
| Furniture and vehicles | 24 | €53,350 | €42,100 | -€11,250 | -21.1% |
| Other tangible fixed assets | 26 | €2,318 | €1,981 | -€338 | -14.6% |
| Current assets | 29/58 | €181,239 | €133,531 | -€47,708 | -26.3% |
| Amounts receivable within one year | 40/41 | €24,290 | €3,587 | -€20,704 | -85.2% |
| Trade receivables | 40 | €24,290 | €2,500 | -€21,791 | -89.7% |
| Other amounts receivable | 41 | - | €1,087 | +€1,087 | |
| Cash at bank and in hand | 54/58 | €156,812 | €129,944 | -€26,868 | -17.1% |
| Deferred charges and accrued income | 490/1 | €136 | - | -€136 | |
| Total equity and liabilities | 10/49 | €531,377 | €454,399 | -€76,978 | -14.5% |
| Equity | 10/15 | €355,450 | €294,865 | -€60,585 | -17.0% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €349,250 | €288,665 | -€60,585 | -17.3% |
| Non-distributable reserves | 130/1 | €2,000 | €2,000 | = | 0.0% |
| Reserves not available under the articles | 1311 | €2,000 | €2,000 | = | 0.0% |
| Tax-exempt reserves | 132 | €21,446 | €21,446 | = | 0.0% |
| Distributable reserves | 133 | €325,804 | €265,219 | -€60,585 | -18.6% |
| Amounts payable | 17/49 | €175,927 | €159,535 | -€16,392 | -9.3% |
| Amounts payable after more than one year | 17 | €138,104 | €133,251 | -€4,852 | -3.5% |
| Financial debts | 170/4 | €120,086 | €103,600 | -€16,485 | -13.7% |
| Other amounts payable | 178/9 | €18,018 | €29,651 | +€11,633 | +64.6% |
| Amounts payable within one year | 42/48 | €37,823 | €26,283 | -€11,540 | -30.5% |
| Current portion of amounts payable after more than one year | 42 | €16,133 | €16,485 | +€353 | +2.2% |
| Trade debts | 44 | €1,323 | €788 | -€535 | -40.4% |
| Suppliers | 440/4 | €1,323 | €788 | -€535 | -40.4% |
| Taxes, remuneration and social security | 45 | €13,473 | €2,115 | -€11,357 | -84.3% |
| Taxes | 450/3 | €13,473 | €2,115 | -€11,357 | -84.3% |
| Other amounts payable | 47/48 | €6,894 | €6,894 | = | 0.0% |
| Non-recurring operating income | 76A | €78,079 | - | -€78,079 | |
| Remuneration, social security and pensions | 62 | €55,776 | - | -€55,776 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €21,423 | €30,960 | +€9,536 | +44.5% |
| Other operating charges | 640/8 | €1,274 | €7,264 | +€5,990 | +470.2% |
| Gross operating margin | 9900 | €199,182 | -€20,391 | -€219,573 | |
| Operating profit (loss) | 9901 | €120,709 | -€58,614 | -€179,323 | |
| Financial income | 75/76B | €3,100 | €51 | -€3,049 | -98.3% |
| Recurring financial income | 75 | €3,100 | €51 | -€3,049 | -98.3% |
| Financial charges | 65/66B | €6,989 | €3,236 | -€3,753 | -53.7% |
| Recurring financial charges | 65 | €6,989 | €3,236 | -€3,753 | -53.7% |
| Profit (loss) for the period before taxes | 9903 | €116,820 | -€61,799 | -€178,619 | |
| Income taxes | 67/77 | €39,636 | -€1,213 | -€40,850 | |
| Profit (loss) for the period | 9904 | €77,184 | -€60,585 | -€137,769 | |
| Profit (loss) for the period to be appropriated | 9905 | €77,184 | -€60,585 | -€137,769 |
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 11 October 2026 via checked.be.